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PDC Energy Announces 2013 First Quarter Results; Average Daily Production Increased 19%

Stocks in this article: PDCE

Natural gas, NGL, and crude oil sales revenues from the Company's continuing operations were $79 million compared to $67 million in the first quarter of 2012. The average realized sales price for natural gas, NGLs, and crude oil, including net realized gains on derivatives, was $52.80 per Boe for the first quarter of 2013, compared to $54.18 per Boe for the same 2012 period. The average realized sales price, excluding net realized gains on derivatives, was $47.71 per Boe for the first quarter of this year, compared to $47.18 per Boe for the first quarter of 2012.

Commodity price risk management activities for the first quarter 2013 resulted in a net loss of $22 million for the first quarter of 2013. The loss was comprised of a $9 million net realized gain and a $31 million net unrealized loss. Unrealized losses in the first quarter of 2013 were primarily related to an upward shift in forward price curves for both natural gas and crude oil.

Production costs from the Company's continuing operations, which include lease operating expenses, production taxes, costs of well operations, overhead, and other production expenses were $16 million, or $9.52 per Boe, for the first quarter of 2013 compared to $13 million, or $9.12 per Boe, for the first quarter of last year. The increase was primarily attributable to overhead and transportation charges. Lease operating expenses increased slightly for the first quarter of 2013, primarily due to the 17% increase in production from continuing operations, including the addition of rental compressors, as well as additional related wages and employee benefits associated with additional operated wells acquired in the 2012 Wattenberg Field asset acquisition. However, lease operating expenses decreased on a per unit basis to $4.48 per Boe in the first quarter of 2013 compared to $4.85 per Boe in the same 2012 period. The per unit decrease was primarily due to the increase in production.

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